The Institute of Chartered Accountants of India (ICAI) revamps its Chartered Accountancy course every 10 to 12 years to absorb changes in tax laws and also new global trends in accountancy and auditing fields. It is now in the process of launching new revamped courses in mid-2016, revealed the president of ICAI, Manoj Fadnis.
President Fadnis revealed that ICAI may also start Open Book Examination System, means allowing students to write answers in examination papers looking into the book from mid 2017. He also revealed that every year, nearly 2.50 lakh students appear for intermediate and 1.25 lakh students appear for final CA examinations. Of them 15,000 to 20,000 clear the examinations.
Fadnis also disclosed that central government has made compulsory for companies to maintain account books according to the ICAI's Indian Accounting Standards from April 1, 2016. ICAI has reformed these standards based on International accounting stadards.
Fadnis also said that every year ICAI receives around 200 to 250 complaints against its members and every year it disqualifies 15 to 20 Chartered Accountants after finding them guilty of professional misconduct. In the Satyam Scam, ICAI has disqualified all six CAs found involved in doctoring account books and other malpractices. He laso said that GST was a modern forward looking tax system and ICAI was eagerly awaiting its enforcement in the country, but refused to predict when it will come into effect.
